Texas Capital Bank Wealth Management Services Inc Acquires 8,511 Shares of Meta Platforms, Inc. (NASDAQ:META)

Texas Capital Bank Wealth Management Services Inc boosted its stake in Meta Platforms, Inc. (NASDAQ:META) by 604.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 9,920 shares of the social networking company’s stock after purchasing an additional 8,511 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in Meta Platforms were worth $5,679,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Safe Harbor Fiduciary LLC purchased a new stake in Meta Platforms during the 3rd quarter valued at about $36,000. POM Investment Strategies LLC bought a new stake in Meta Platforms during the 2nd quarter worth approximately $38,000. Ruedi Wealth Management Inc. raised its holdings in Meta Platforms by 122.2% during the second quarter. Ruedi Wealth Management Inc. now owns 80 shares of the social networking company’s stock valued at $40,000 after acquiring an additional 44 shares during the period. Halpern Financial Inc. purchased a new position in Meta Platforms during the third quarter valued at $46,000. Finally, West Financial Advisors LLC purchased a new stake in Meta Platforms in the 3rd quarter worth $49,000. 79.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on META shares. Roth Mkm boosted their price objective on Meta Platforms from $620.00 to $635.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Mizuho lifted their price target on Meta Platforms from $650.00 to $675.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Scotiabank cut their price objective on shares of Meta Platforms from $585.00 to $583.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 31st. Sanford C. Bernstein boosted their target price on shares of Meta Platforms from $600.00 to $675.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Finally, TD Cowen increased their price objective on Meta Platforms from $600.00 to $675.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $634.71.

Meta Platforms Price Performance

NASDAQ META opened at $608.93 on Friday. The company has a quick ratio of 2.73, a current ratio of 2.73 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $1.54 trillion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 1.35 and a beta of 1.20. The company has a 50 day moving average price of $577.69 and a two-hundred day moving average price of $530.51. Meta Platforms, Inc. has a 12-month low of $317.04 and a 12-month high of $619.90.

Meta Platforms (NASDAQ:META) last announced its quarterly earnings results on Wednesday, October 30th. The social networking company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $0.84. The firm had revenue of $40.59 billion for the quarter, compared to analyst estimates of $40.21 billion. Meta Platforms had a net margin of 35.55% and a return on equity of 35.60%. As a group, equities analysts predict that Meta Platforms, Inc. will post 22.68 earnings per share for the current fiscal year.

Meta Platforms Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.33%. Meta Platforms’s dividend payout ratio (DPR) is currently 9.42%.

Insider Activity at Meta Platforms

In other news, CEO Mark Zuckerberg sold 35,921 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $607.97, for a total transaction of $21,838,890.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Aaron Anderson sold 731 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $557.00, for a total value of $407,167.00. Following the sale, the chief accounting officer now owns 3,414 shares of the company’s stock, valued at approximately $1,901,598. The trade was a 17.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 142,160 shares of company stock worth $81,611,223 in the last ninety days. Company insiders own 13.71% of the company’s stock.

Meta Platforms Company Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.